Property prices plunge $40,000 across Australian capitals
Australia's property market is experiencing a significant downturn with $40,000 wiped off the average home value across capital cities during winter. Sydney leads the decline with a 1.4 per cent fall in August, followed by Melbourne at 1.1 per cent and Brisbane at 1 per cent. The slowdown is attributed to federal government tax changes affecting investors and earlier interest rate hikes deterring buyers, with fears the Reserve Bank may raise rates again before year's end.See omnystudio.com/listener for privacy information.
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